30. Section 46 of the principal enactment is hereby amended by the repeal of subsections (1), (2) and (3) of that section and the substitution therefor of the following subsections; "
| " (1) The Commission may establish a Committee consisting of three members of the Commission to hear and determine-
| | (a) complaints by shareholders of any listed public company or unit holders of licensed unit trust, relating to the professional conduct or activities of, a licensed of stock exchange, any licensed stock broker or stock dealer of such stock exchange or of such listed company or the managing company of such licensed unit trust ; | | |
| | (b) complaints by any licensed stock broker or stock dealer, relating to the professional conduct or activities of the licensed stock exchange of which such stock broker or stock dealer is a member. | | |
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| (2) The Committee may on receipt of any written complaint made by any shareholder, or unit holder or a licensed stock broker or stock dealer, examine the documents and other evidence produced, if any, in support of such complaint and determine whether such licensed stock exchange, licensed stock broker or stock dealer or the listed company or the managing company on such licensed unit trust, as the ease may be, has violated any provisions of. this Act or any regulation or rule made under this Act or violated any rule of such licensed stock exchange. No such determination shall be made without affording such licensed stock exchange, licensed stock broker or stock dealer or the listed company or such managing company, as the case may be, an opportunity of being heard. |
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| (3) Where the Committee determines that a licensed stock exchange, licensed stock broker or a stock dealer or a listed company or managing company of such licensed unit trust, as the case may be, has violated any provisions of this Act or any regulation or rule made under this Act or violated any rule of such licensed stock exchange, the Committee shall recommend to the Commission the nature of action to be taken against such licensed stock exchange, licensed stock broker or dealer or the listed company or managing company, as the case may he. The Commission shall have the discretion either to take appropriate action to give effect to those recommendations or to refer the matter for further investigation to the appropriate authority. ". |
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Sri Lanka Consolidated Acts